How Could a Good Rebranding Strategy Help Your Company

Maintaining any kind of image can be hard nowadays for businesses. The constant change in consumer preferences and market trends can mean that public perception of a business can change at any moment’s notice.

If a business feels that its current branding is not really reaching its customers, then there is always the option of rebranding. Does a successful rebranding process really help your company? The short answer is always a yes. But it would be better to elaborate on that matter.

What is Rebranding and Does Your Company Need It?

First things first, rebranding is a marketing strategy where you create a new identity for your business so that it entices more consumers, satisfies investors, and gains an advantage over the competition. This can be done either by adding a more modern twist to an existing image or completely revamping a company from the ground up.

Although that might sound like a good strategy to implement, you have to ask yourself this question: does your company need a rebranding? There are many reasons to rebrand, and they include:

• The business is about to go beyond its local market.

• There is a new CEO.

• The image it has right now is outdated.

• The business’s reputation suffered for quite a while.

• There is a merger with a different company.

• The market is changing.

• The business adopts a new corporate identity.

• The business looks, feels, and operates like the competition.

• The business is expanding into new products and brands.

There are other reasons why a company should consider a new branding approach. To make it simpler for you, only remember this:

If the current brand image is not doing the company any good, then it is time to rebrand.

What Does Rebranding Bring?

Why go through all the effort of revamping a company’s image? How does rebranding help a company exactly? As with other marketing strategies, rebranding does allow a company to enjoy certain advantages. They include, but are not limited to the following:

1.   Getting in Touch with a New Audience

As was mentioned a while ago, a changing market is one of the reasons why a company should consider rebranding. Perhaps the audience that a business relied on is slowly dying out or a new generation is slowly acquiring more spending power.

Also, changes in technology provide for new channels from which the audience can get to access information. Thus, you have a new audience that is more tech-savvy and less receptive to typical marketing spins.

With the help of brand strategy services, a company can introduce itself to a new audience with a message that resonates with them the most. For example, Old Spice noticed in the mid-2010s that most of their products were bought by women as gifts for their men or by Millennials with a new kind of off-kilter, meme-heavy humor.

Thus, two of its most successful campaigns were born. The sophisticated “The Man Your Man Can Smell Like” campaign targeted the women while the high-energy and bizarre “Smell is Power” targeted the young adults. Both campaigns allowed Old Spice to enjoy significant increases in sales for their product lines and stronger brand recognition.

2.   Charge for Premium Prices With Minimal Resistance

One of the direct effects of a successful rebranding process is that it changes customer perception regarding the company. How customers perceive the company will ultimately determine what value will be assigned to the company.

With the rebranding, a company gets to change that value-determined customer perception for the better, which paves the way for the company to raise its prices. For example, Apple has a reputation for having one of the most expensive lines of consumer electronics in the market. However, they still command a strong customer value that allowed them to enjoy a 47% increase in market share in 2021.

This is because people associate Apple with technological breakthroughs and being the center of what is hip and cool right now. This is a far cry from its previous image in the 1980s of being Microsoft’s inferior competitor. Thus, a lot of segments in the market are more than willing to put up with whatever the company is charging for their products.

3.   Competitive Differentiation

Remember that the goal of marketing is to always stand out from the competition. The only problem, however, is that a lot of companies do not know what makes them different from their competitors. Or if they do, then they don’t know hot to properly convey such distinction to their audience.

Through brand strategy services, a company can identify the differentiators in their brand and then convey the same to the market. Going back to Apple, what makes them stand out from other tech companies is its consistency with its image of futuristic stores, high-end products, and knowledgeable staff.

With a strong focus on what makes a brand different, a company has better chances of sustaining the momentum of its marketing efforts. This is regardless of whether their products are actually superior to whatever the competition has to offer.

4.   Reducing Cost

A benefit that is often not talked about with rebranding is the chance to improve the company’s structural identity. This is where the company’s mission-vision goals and culture will come into play and rebranding does help in streamlining these aspects.

With the help of brand strategy services, a company gets to reflect on how it does its business. Issues like strategies, overall company direction, customer care, marketing campaigns, and employee management can also be laid out further with the rebranding. And once a company understands what it needs to do to stand out while protecting its bottom line, it will no longer find the need to spend more money on efforts that do not serve its new goals.

In essence, new brand identity will help a company reorganize itself to be a much more competitive organization that can reach out to a wider audience. This new direction will help the company focus its efforts more on the aspects that will bring in the optimum amount of profit. 

To Conclude

Without a doubt, rebranding will help your company find its place in any market. It gives the business the chance to enjoy some level of upward growth by reaching new markets and targeting more customers.

But this does beg the question: is your company ready for a rebrand? If it is, then maybe it is time to start considering how and where you want to focus on rebranding the company. Whether a minor revamp or a huge image overhaul, always remember that rebranding helps a company adapt to change. And it goes without saying that those who welcome change have better chances of survival in the market.